欧莱雅利润增速创五年新低！上半年专业美发逆势领跑，高端化妆品失速

Group 1 - The core viewpoint of the articles highlights that L'Oréal's operating profit has increased by 3.1% to €4.74 billion (approximately ¥39.277 billion), marking the fifth consecutive year of declining profit growth [1] - Over the past decade, L'Oréal's operating profit has grown from ¥19.575 billion in 2016 to ¥39.277 billion in 2025, with a compound annual growth rate (CAGR) of 7.2% [1] - The growth rate of L'Oréal's semi-annual operating profit has significantly slowed from 26.8% in 2021 to 3.1% in 2025, reaching a five-year low [1] Group 2 - In the first half of the year, all four business divisions of L'Oréal achieved growth, with the professional hair products division being the standout performer, generating sales of €2.55 billion (approximately ¥21.16 billion) and a year-on-year growth of 6.5% [1] - The luxury cosmetics segment, once considered a profit engine, saw sales of €7.66 billion (approximately ¥63.56 billion) with only a 2% year-on-year increase [1] - The mass cosmetics segment reported sales of €8.41 billion (approximately ¥69.78 billion), reflecting a year-on-year growth of 2.8% [1] Group 3 - The skincare and beauty products segment achieved sales of €3.86 billion (approximately ¥32.03 billion), maintaining a year-on-year growth of 3.1%, but this is a significant slowdown compared to 9.8% growth in 2024 [1] - China is identified as L'Oréal's second-largest market and is referred to as one of the "most important markets globally," with a recovery in growth in the second quarter, showing a year-on-year increase of approximately 3% [2] - However, the North Asia market, which includes China, remains the only region among L'Oréal's five business areas to experience a year-on-year decline in sales, with a drop of 1.1% in the first half of the year [2] Group 4 - In contrast, the Latin America and Middle East & Africa markets recorded double-digit year-on-year sales growth of 10.3% and 10.4%, respectively [2] - The European market and North American market saw year-on-year sales growth of 3.4% and 2.0%, respectively [2]